Cash Out Refinance @ Increased Rate
We are in the early stages of considering investing in a multi family property as an investment. We are considering doing a cash out refi on our primary residence as we have considerable equity in the property. We would use this for the down payment on the multi. Our current rate is 3.375% but it looks like we are looking at 4-4.125% if we do the cash out refi, for an additional 30 years. I keep going back and forth on whether or not this makes sense to increase our rate and monthly payment, but it seems like the best option to get the downpayment we need. Any input would be greatly appreciated! Thank you.